By Andrew Todd
Publication Date: 2026-05-01 06:45:00
I’m sorry it sounds like a broken record.
But it’s the same old story. The new week brought another assassination attempt on US President Trump, the Strait of Hormuz remains closed, closed, closed and the price of oil goes up, up, up. We are almost back to the early Iran war highs of $130 a barrel of Brent crude, and oil prices hit $125 this week.
The ASX faltered and Australia was stuck in the mud with dwindling oil reserves, while the tech-heavy US market hit even higher all-time highs. The situation down under is so dire that the NSW Labor government has decided to reopen the state to new fossil fuel exploration. Citing an energy shortage, the decision overturns a decade-long ban, although forecasts show renewable energy and battery storage are expected to reduce future gas demand.
The S&P 500 and Nasdaq posted multiple new record closing prices, led by the usual suspects. Nvidia confidently reclaimed its $5 trillion crown, accompanied by strong earnings reactions from…
